Introduction
•The limitation law concerns the primary concept of ascribing a fixed time frame within which all legal contentions are required to be raised by parties; the law in this regard is governed primarily by The Limitation Act.
•S. 238A of IBC, 2016 provides:-
“238A. The provisions of the Limitation Act, 1963 shall, as far as may be, apply to the proceedings or appeals before the Adjudicating Authority, the National Company Law Appellate Tribunal, the Debt Recovery Tribunal or the Debt Recovery Appellate Tribunal, as the case may be.”
Set-off is simply put a reduction or discharge of a debt by setting against it a claim in favour of the debtor (or the person otherwise having to pay).
The applicability of the principle of set-off under the Insolvency and Bankruptcy Code, 2016 (IB Code) is no longer res integra and the draconian view of the inapplicability of set-off under insolvency proceedings has not found Thankfully, judicial favour.
Introduction
Given the increased intertwining of national economies, cross-border insolvency presents salient legal and financial difficulty. Upon the existence of an insolvent debtor in more than one country, the necessity to deal with assets and/or creditors creates very complicated jurisdictional problems and other legal issues. Most of the time, a company will operate in several jurisdictions and hence face very complicated transnational insolvency scenarios.
The Insolvency and Bankruptcy Board of India (‘IBBI’) has recently come up with a proposal for the parties involved in an operational creditor application to explore mediation under the provisions of the Mediation Act, 2023. This is aimed as a precursor to the filing of an application under Section 9 of the Insolvency and Bankruptcy Code, 2016 (‘Code’).
1. Introduction
Consolidation of business by way of a merger is a widely accepted mechanism for corporate restructuring.
The Insolvency and Bankruptcy Code, 2016 (IBC) governs insolvency proceedings for individuals and partnership firms in India. This comprehensive legislation consolidates and amends laws pertaining to the reorganization and insolvency resolution of corporate persons, partnership firms, and individuals.
As of December 2024, insolvencies in the real estate sector accounted for approximately 22% of admitted cases under the Insolvency and Bankruptcy Code, 2016 (“IBC”), making it second only to the manufacturing sector that accounted for 37% of admitted cases.[1] The high volume of insolvencies in the real estate sector, the imperative to protect homebuyer interests and specific challenges faced by this sector have resulted in several amendments focused specifically on the insolvency process for real